Business24 Newspaper 5th November, 2021

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FRIDAY NOVEMBER 5, 2021

BUSINESS24.COM.GH

Friday November 5, 2021

NO. B24 / 270 | News for Business Leaders

President commends FBNBank for contribution to economy

TransNumerik pushes Ghanaian businesses towards digitalisation

See page 8

See page 18

Call for regulated pricing regime for cashew

By Eugene Davis

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ugendavis@gmail.com

enior Manager for Commercial & Retail Banking of Republic Bank Ghana, Dan Mohenu, has offered some explanations for the high interest rates on mortgages and suggested ways to make mortgages more affordable.

He gave his explanation when he spoke as a panel member at the Business24 Real Estate Conference in Accra.

“Mortgage loans are usually long-term in nature; however, banks tend to finance these loans using

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he Member of Parliament for Techiman North, Elizabeth Ofosu Adjare, has called on the Tree Crops Development Authority to ensure a coordinated, regulated pricing regime for the cashew sector.

The cashew industry in Ghana has seen tremendous expansion over the last 10 years. In 2019, the country exported 394,452 tons of raw cashew nuts valued at US$237.89m.

Presenting a statement in Parliament on “Cashew production: the enactment of the Cont’d on page 2

Banker explains how mortgage interest rates can be reduced

Cont’d on page 3

The cashew industry in Ghana has seen tremendous expansion over the last 10 years

Be mindful of financial digitisation risks—BoG Gov. tells market players

By Emmanuel Kwarteng

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Banks expected to procure CIT vehicles by end of year—Interior Minister

By Eugene Davis

overnor of the Bank of Ghana (BoG) Dr. Ernest Addison has cautioned financial institutions and market players to be mindful of risks associated with financial digitisation, as they have the potential to unwind the gains made in the financial digitisation

ugendavis@gmail.com

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he Minister of Interior, Ambrose Dery, has said he expects the central bank and commercial banks to procure light armoured Cont’d on page 5

Cont’d on page 3

Cont’d on page 2 Cont’d on page 2

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Editorial / News

FRIDAY NOVEMBER 5, 2021

Editorial

Collective action needed to secure the gains of digitalisation

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overnment’s unbridled thirst to digitse the economy is indeed a good investment into the nation’s socio-economic transformation and the fallouts from these interventions have been desirable.

But that is not to say that Ghana’s digital journey will be a smooth sail because digitisation has come with risks which threaten customer trust and when not tackled, they could unwind the gains of acceptability of digital products and services.

Users of digital products are equally exposed to the threats of cyber attacks and other online crimes and the earlier we pool collective efforts to secure our digital space, the better.

The digital transformation journey has been both fast and impactful to society, especially in these unnormal times but moving at the same pace, quite unfortunately, is the threat of online-based crimes which could derail the nation’s efforts towards a cash-lite economy.

The use of these digital platforms exposes everyone to the risk of phishing, scam, identity theft and the exploitation of our personal data for commercial gains and it will therefore take a robust and secure digital ecosystem to build the right confidence and trust in the digitalisation process.

Tech-based experts have continually called for massive investment in cybersecurity

to reduce the country’s vulnerability to the threats of digitalisation, especially cyberattacks.

Cybersecurity has become an increasingly relevant concern in view of the ongoing digital transformations and widespread usage of digital technologies and there is the urgent need for the state to ensure that the privacy of the individual and personal data is protected.

As businesses move their operations and products to the digital space, they must bear in mind the threats of this open space and put in place the right systems and solutions that will secure their online presence.

Call for regulated pricing regime for cashew Continued from cover

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Tree Crop Development Act and the elusive pricing regulatory regime in Ghana”, Mrs. Ofosu Adjare indicated that the pricing of raw cashew nuts has been the source of a long-standing tussle among farmers, traders, exporters and processors, with price volatility a major concern to the rural cashew farmer.

She said Parliament thus passed the Tree Crops Development Authority Act, 2019 (Act 1010) to provide for the establishment of a board responsible for the development of policies and programmes to regulate the pricing and marketing of tree crops such as cashew.

However, she expressed concern that although the board has been constituted, the cashew price remains unregulated. “As a result, cashew farmers, traders, buyers, exporters and processors are still grappling with price volatility in the industry,” she said.

“This is not healthy for the development of the cashew industry in Ghana. I am aware that the Ministry of Food and Agriculture has distributed some new improved seedlings to cashew farmers under

Elizabeth Ofosu Adjare

the Planting for Export and Rural Development (PERD) programme. If the Authority does not act swiftly on the conundrum surrounding the cashew pricing, it may disincentivise farmers to further expand its cultivation.

And that will obviously defeat the purpose of new seedling distribution.”

According to her, the economic benefit of cashew to farmers is derived from a favourable and stable price. Anything short of this, she added, may affect the export potential of the raw cashew nuts.

“This is even more important at the time Ghana Export Promotion Authority estimates an untapped potential of US$600m in the sector alone. It is therefore important for the board to expedite action to ensure the presence of the Authority in the regions and develop modalities for the pricing

of this all-important product.”

She also stated that efforts should be made in the medium term to encourage value addition to cashew nuts before their export. This, she said, will help the country to retain a greater proportion of the value created in the global cashew market.

Value addition in the cashew sector, according to her, holds the potential for the achievement of the Sustainable Development Goals through job creation, poverty reduction and rural development.

“Cashew by-products such as the cashew apple, testa, and cashew nut liquid which are considered agricultural waste and discarded can be commercialised through value addition. This can help create employment and diversify the income sources of the cashew farmers.”

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FRIDAY NOVEMBER 5, 2021

Be mindful of financial digitisation risks—BoG Gov. tells market players Continued from cover ecosystem.

Delivering a keynote address at the Standard Chartered Digital Banking and FinTech Festival in Accra, Dr. Addison said: “Financial digitisation has come with risks which threaten customer trust and have the potential to unwind the gains of acceptability of digital products and services. Issues of cybercrime, scams, phishing, data and privacy breaches, digital illiteracy and unresponsiveness to customer complaints pose serious threats to consumer confidence in digital financial services.”

“In view of this, the bank has issued directives, regulations, policies and guidelines on cyber security to assist market players deal with such threats,” the central bank governor added.

Dr. Addison further indicated that the burden of security awareness is not only on market players, adding that “the emergence of new and digital financial solutions has introduced

significant complexities in regulation and supervision as well,” while calling for discussions on regulatory and supervisory technologies.

As regards supervisory technology (SupTech), the governor stated that the bank has invested in SupTech tools to exercise effective oversight and supervision of digital financial services and reduce the burden of reporting on regulated entities.

He added that an online reporting analytic surveillance system (ORASS) has been set up to facilitate submission and improve analysis of prudential and other regulatory returns.

Dr. Addison also said a complementing supervisory intelligence tool that accepts granular data which are analysed for patterns and trends for timely evidence-based policy interventions is also

on-board, while an additional Chatbot project, which is an automated consumer complaints management system, is in the offing and will help address market conduct concerns.

As part of the activities marking its 125th anniversary celebration, Standard Chartered Bank Ghana provided a platform at the premier Standard Chartered Digital Banking, Innovation and Fintech Festival for government and key stakeholders including FinTechs to showcase Ghana’s digital infrastructure and the great strides made on the national digitalisation journey.

Held in collaboration with Bank of Ghana and SC Ventures, the Fintech Festival brought together FinTechs from Singapore and other parts of Asia as well as local FinTechs to showcase, engage and share future tech capabilities.

The two-day event was under the theme “Shaping the next phase of Ghana’s financial technology landscape for the 21st century”.

Banker explains how mortgage interest rates can be reduced Continued from cover short-term funds mainly due to the reliable flow of such funds. Banks and other financial institutions have invested in innovative solutions to mobilise deposits; however, after these deposits are mobilised, depositors demand high returns on funds placed with financial institutions. Most often, their expected investment rates are benchmarked to the risk-free investment instruments issued by government,” he said.

According to him, government is competing with banks in the same domestic market and borrowing from the market at relatively high rates. For example, he said, the 364-day Treasury bill is priced at 16.2 percent, the 2-year note at 17.25 percent, 18.3

percent for the 5-year bond, and 20 percent for the 15-year bond issued in 2019.

“It is therefore practically impossible for banks to lend lower, since banks will have to price higher in order to compete for the same funds and will end up being crowded out. After factoring in various provisions, rollover risk and making the necessary reserves, it ends up pushing the rates high,” he added.

Mr. Mohenu offered some recommendations that may lower the cost of mortgage financing.

He advocated long-term cheaper funding from government to financial institutions, suggesting that government could issue affordable housing bonds at lower rates, with incentives for investors to compensate them for

the relatively low returns.

He acknowledged the partnership with the National Housing and Mortgage Fund (NHMF), whereby government has provided funding to subsidise mortgage interest rates for public sector workers.

“Republic Bank is currently offering an interest rate of 11.9 percent per annum for mortgages per this arrangement. As a bank, we have currently exhausted the funds allocated to us and are awaiting new allocation,” he said.

Mr. Mohenu applauded the move by government to acquire lands for the construction of affordable homes. According to him, this will drive down the cost of houses to enable qualifying individuals to purchase them.

He said Republic Bank has made mortgage loan repayment flexible for mortgagors.

“We appreciate the high interest rates and its impact on customers; reason we have introduced two additional mortgage repayment options to allow customers save up to 40 percent on their mortgage interest cost, by helping them to pay their mortgage even faster and thus reducing their repayment period.

This is available to existing and new customers.”

“Affordable housing is possible.

However, it must involve partnership and buy-in from all stakeholders, and ultimately be guided by government policy.

Once each partner knows their role, we will be getting there as a country,” he explained.

Republic Bank (Ghana) PLC is a subsidiary of Republic Financial Holdings Limited (RFHL) of Trinidad and Tobago. The bank has been very instrumental in the development of the mortgage industry in Ghana and continues to be the number one home loan provider in the country.

The bank has supported many Ghanaians home and abroad to access loans and own their homes for over 31 years, and is currently a partner of the National Housing and Mortgage Fund (NHMF), whereby the government has provided funding to subsidise mortgage interest rates for public sector workers.

Republic Bank recently launched its Blue Portal Campaign, “Step into Success”, to afford Ghanaians the opportunity to grow their personal finances, lives and businesses.

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FRIDAY NOVEMBER 5, 2021

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News

FRIDAY NOVEMBER 5, 2021

Collaboration key to growth of Ghana’s fintech ecosystem – Bawumia

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ice President Dr Mahamudu Bawumia has called on stakeholders in the financial sector to collaborate and work together to enable synergies and help them and the citizens reap the full benefits of digitilisation.

Government, on its part, remains committed to the policy of building a digital economy, a financial ecosystem, and a system that best delivers a more efficient, transparent, inclusive building block in public administration.

Speaking at the Standard Chartered Digital Banking, Innovation and Fintech Festival dubbed “Enabling the Digital Economy for the 21st Century” in Accra on, Vice President Bawumia challenged stakeholders to continue to innovate whilst collaborating, emphasising that it is still possible to collaborate and compete at the same time.

“Investments in Innovation is crucial. Banks, financial institutions and other stakeholders should invest in digitalisation and innovation. It is the way to go. Just like client service, innovation must be at the very heart of our businesses. It will have impact on new products we churn out, make our customers more satisfied and increase value to stakeholders when done right.

“Collaboration will cement the ecosystem further. The digital economy thrives on information and collaboration.

Banks, fintechs, telecom companies,

governments, regulators and consumers should form one big bloc sharing information and feedback that loops everyone.

Collaboration will provide opportunities for entities with different specialisations to work together to achieve bigger goals.

“Fundamentally, there is no inconsistency between competition and collaboration.

I know that many of the stakeholders in our ecosystem, the private sector are very profitdriven. The Central Bank has to guard, jealously, the safety and stability of the system, and strive to get financial inclusion.

“But if we don’t collaborate, then everybody would be in silos, but once we come together in one ecosystem, then we are able to derive economies of scale from that collaboration, where the whole is greater than the sum of the parts. We are very focused on inclusion, and this is why it is very important, that as we build these systems, we try to bring everybody on a common platform.

“When you look at the way Mobile Money Interoperability was executed, we got everybody in this ecosystem on the same platform. Before, you had everybody working in different silos. You couldn’t even get moving money from MTN to say Vodafone. That couldn’t even happen.

“But once we brought everybody on one platform

you now have interoperability, which is actually expanding the pie for everybody. We had Ghs35 billion worth of mobile money transactions in 2015; last year it was Ghs570 billion after we have done mobile money interoperability, and next year, we are looking towards a Trillion Ghana cedis of mobile money transactions.

“This means rather than competing in our individual silos to share Ghs35 billion, we are going to be competing to share a trillion Ghana cedis, and that is where the collaboration does not contradict competition. We can compete and collaborate at the same time, and this thinking is what informed our launch of the Universal QR Code”, he explained.

Vice President Bawumia commended the Governor and management of the Bank of Ghana for the continued, fore-sighted leadership of the financial sector,

saying, “I have been impressed with the regulatory oversight so far and the ongoing meticulous efforts to pilot the e-cedi to promote financial inclusion. More remains to be done in driving change, but I am confident you will be up to the task.”

He also congratulated the Board, Management, Staff and customers of Standard Chartered as they celebrate 125 years of operation in Ghana.

“Indeed, the chronicle of Ghana’s economic history would not be complete without mentioning Standard Chartered as a result of the significant contribution to almost every facet of the economy. You have put your capital behind opportunities such as providing long term financing for infrastructure development, providing sovereign solutions and more recently providing financing for the Sustainable Development Goals.”

Banks expected to procure CIT vehicles by end of year—Interior Minister Continued from cover cash-in-transit (CIT) vehicles by the end of the year.

The procurement of the vehicles is aimed at curbing the spate of armed attacks on bullion vans.

Appearing before Parliament on Thursday to answer questions on armed robbery attacks and attacks on bullion vans, the Interior Minister said: “It is a mutual responsibility. The Bank of Ghana will play its part; we will also play our part. We are hoping that by the end of the year we will have made sufficient progress.”

Attacks on bullion vans in the country have been rife, with reports indicating the first half

of 2021 has recorded four bullion van attacks.

The Police Administration said it will review strategies for the safe movement of cash across the country after a recent meeting

with officials of the Bank of Ghana (BoG) and the Association of Bankers to discuss security issues in the banking sector.

According to Mr. Dery, all players involved are working closely to ensure the ultimatum and timelines are met.

The Police has given an ultimatum to banks to ensure that bullion vans of appropriate standards are bought, and the Bank of Ghana has been cooperating with the Interior Ministry to insist on that, he explained.

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FRIDAY NOVEMBER 5, 2021

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News

FRIDAY NOVEMBER 5, 2021

4 African nations to use new tech to tighten port controls, fight IUU fishing

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our African nations and a regional fisheries organization are harnessing new technology to strengthen port controls and combat illegal fishing.

The international nonprofits, Global Fishing Watch and Trygg Mat Tracking are partnering with Senegal, Ghana, Côte d’Ivoire, Kenya and the Fisheries Committee for the West Central Gulf of Guinea in a pilot project to provide authorities with satellite tracking data, analysis and training needed to assess a fishing vessel’s recent operations and compliance risk.

The collaboration will better position port authorities and fisheries officials to monitor the movements of fishing and carrier vessels, identify activity that may indicate an elevated risk of illegal behavior, and target inspections and enforcement where they are needed most.

“Implementing strong port controls is the best and most effective opportunity to ensure that illegal catch has no market, and illegal fishing operators are cut off from their profits,” said Duncan Copeland, Executive Director of Trygg Mat Tracking.

“To do so requires the ability to make rapid risk assessments to inform the key decisions on whether to let a vessel into port, and where to target inspections.

We are very pleased to be adding this new port control focus to our cooperation with Cote d’Ivoire, Ghana, Kenya, Senegal and the Fisheries Committee for

the West Central Gulf of Guinea, towards building the tools, data, routines and capacity needed to effectively implement the Port State Measures Agreement in East and West Africa.”

Representatives from the four partner countries, West Africa’s Fisheries Committee for the West Central Gulf of Guinea, regional experts, Global Fishing Watch and Trygg Mat Tracking will convene the project’s first steering committee meeting Nov. 9-10, 2021, hosted by the Senegal Fisheries Protection and Surveillance Directorate, in Senegal’s coastal city of Saly.

Attendees will discuss challenges and opportunities surrounding the implementation of the Agreement on Port State Measures—an initiative of the Food and Agricultural Organization of the United Nations designed to deter and prevent illegal, unreported and unregulated (IUU) fishing—and ways to use emerging technology

to strengthen port controls.

Illegal fishing in East and West Africa is a well-documented challenge, involving vessels from all over the world. Ports are often the last checkpoint where fish can be clearly linked to the vessel that caught it, and they offer one of the best and most cost-effective opportunities to identify and deter illegal fishing.

“We are pleased to offer support to Senegal, Ghana, Côte d’Ivoire, Kenya and the Fisheries Committee for the West Central Gulf of Guinea as they step forward to address Africa's serious problem of illegal, unreported and unregulated fishing,” said Tony Long, Chief Executive Officer of Global Fishing Watch.

“African nations are aware of the grave threat illegal activity off their shores presents to their livelihoods and food security.

Support for the landmark Agreement on Port State Measures has been promising and significant among the continent’s

coastal States since the agreement came into force in 2016, and with easy-to-access technology and training to use it, African States can better defend their fisheries for generations to come.”

Global Fishing Watch and Trygg Mat Tracking will introduce Vessel Viewer, a new fishing vessel history tool developed by the two organizations that provides information on a vessel’s identity, fishing activity, port visits and transshipments.

This allows users to identify and cross-check relevant, absent or false information about a given vessel and its fishing operations to inform risk-based decisionmaking and operational planning.

“As the Fisheries Committee for the West Central Gulf of Guinea looks to consolidate and extend the achievements of sub-regional cooperation in the fight against IUU fishing, and for maritime safety, we welcome the support of Global Fishing Watch and Trygg Mat Tracking in this pilot project to support our Member States Ghana and Côte d'Ivoire in implementation of the Port State Measures Agreement,” said Seraphin Dedi, Secretary-General of the Fisheries Committee for the West Central Gulf of Guinea.

“The success of this program will help the Fisheries Committee for the West Central Gulf of Guinea to adopt this methodology for harmonized fisheries and vessel inspections in ports of this region.”

The pilot project is supported by the Gordon and Betty Moore Foundation, the Oak Foundation and Norad.

Dr.Daniel Mckorley chairs Ghana Trade Fair Company board

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resident Nana Addo Dankwa Akufo-Addo has appointed business mogul, Dr. Daniel McKorley, as chairman of the reconstituted board of the Ghana Trade Fair Company Limited (GTFCL).

At a ceremony to swear in the board members, sector minister Alan Kyerematen told the board that government, through the Ministry of Trade and Industry, is redeveloping the Ghana Trade Fair Company Limited (GTFCL) into a major trade hub in the subregion.

According to the minister, as part of this agenda, the company and the trade fair site are undergoing a major transformation and redevelopment., at the core of

which is the development of a state of the art, international standard convention and exhibition centre supported by a mix use commercial facility including hotels, offices, retail and leisure centres.

The minister informed the board that the project concept has been developed, the project master plan has been approved, and a land title has also been secured.

Additionally, an infrastructure developer has also been procured and the site has been cleared in readiness for the redevelopment.

He has therefore tasked the board members to use their worth of knowledge and depth of experience to help in efforts

at restoring the enormous commercial and economic significance of the company by providing the platform for businesses to position themselves and tap into the long range of business prospects that the Trade Fair Company offers.

The company’s redevelopment project which covers an area of about 156 acres, when completed, would create a well-coordinated and well-managed world class multi-purpose international trade fair centre capable of attracting global trade and investment into the country and position Ghana as a regional trade fair hub, generate additional tax revenue from businesses and generate an estimated 10,000 jobs from the

planning, construction to postconstruction management.

Members of the board include the Chief of La, the Chief Executive of the Company, Dr. Agnes Adu, and Madam Gloria Annoh-Wiafe. The others are Mr. Tobby Amankwah, Elvis Morris Donkor, Mrs. Ruth O. Addison, Madam Cecilia Gambrah and Mr. Hubert Sevor

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News

FRIDAY NOVEMBER 5, 2021

President commends FBNBank for contribution to economy

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resident Nana Addo Dankwa Akufo-Addo has acknowledged the efforts of FBNBank Ghana towards the growth of the economy.

In an address read on his behalf by a Deputy Minister of Finance, Dr. John Kumah, at the FBNBank@25 Gala Dinner, he said “I have followed the growth of FBNBank over the years and this celebration should be an exciting moment for all those who have been involved in bringing the bank to its present state.

“You have been an integral part of the growth of the Ghanaian economy and I say “Ayekoo” to the management and staff of the bank for this remarkable feat,” he stated.

The President also urged the bank to develop easy accessible products for young entrepreneurs in order to solve the unemployment situation in the country.

“As the bank celebrates 25 years of existence, I urge you to focus your attention also on the design of financial products for the Ghanaian youth engaged in entrepreneurship.

We are told some 70 per cent

of our population is aged 35 years or younger. This youth batch provides immense opportunities for rapid development,” he stated.

He said fortunately for the country, the Free Senior High School policy and Technical and Vocational Education Training (TVET) programmes, have increased access to education.

“It is time to turn our demography and investment in education into a powerful economic driving force rather than a potential source of social

and political unrest.

“We are creating conditions for entrepreneurs to thrive and for the private sector to grow and expand and create jobs, particularly for the youth,” he said.

The President also used the opportunity to re-emphasise calls for banks to take another look at the high interest rates regime.

“We need to work together to find an enduring solution to this problem. Government is working hard through the introduction of new policies to enhance the

credit delivery system’, he said.

The FBNBank@25 Gala Dinner provided an opportunity for the Bank to engage its stakeholders and to recognise the efforts and contribution of customers, clients and staff who have been with the Bank since its inception 25 years ago.

Present were customers, clients and other stakeholders of the Bank including a delegation from FBNBank’s parent company, First Bank of Nigeria, led by the Chief Executive Officer of FirstBank and Subsidiaries, Dr. Adesola Adeduntan.

Also present were the Nigerian High Commissioner, Admiral Ibok Ekwe Ibas (rtd), the Second Deputy Governor of Bank of Ghana, Mrs. Elsie Addo Awadzi, the Chief Executive Officer of the Ghana Investment Promotion Centre, Yoofi Grant, and the Head of Banking Supervision Department of Bank of Ghana, Osei Gyasi.

Others include the President of the Ghana Association of Bankers and Managing Director of Standard Chartered Bank, Mrs. Mansa Nettey, Chief Executive of the Ghana Association of Bankers, Mr. John Awuah, and several Managing Directors of banks.

Asantehene endorses Zeepay Mobile Money and MD, Andrew Takyi-Appiah has been the single most effective

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eepay MD, Andrew TakyiAppiah officially introduced his company, Zeepay Ghana Limited to Otumfuo Osei Tutu II to seek Otumfuo's blessings towards Zeepay Mobile Money and donates GH¢20,000 to Otumfuo Education Fund.

Asantehene expressed his delight at the wholly Ghanaianowned mobile money company and commended them for taking the initiative to compete in an industry operated only by foreign companies - MTN Mobile Money, Vodafone Cash and AirtelTigo.

The Asantehene further mentioned that he is exceptionally excited that one of his own, the late Dr A. K. Appiah is part of the starting founders of Zeepay, and therefore he receives Zeepay into Asanteman as his own.

Leading up to Akwasidae, Zeepay stormed Asanteman from Wednesday, October 27, 2021, to Sunday, October 31, 2021, where it conducted full scale market activations from Ejisu to Anloga

Junction with support from local radio stations.

On Thursday, the float moved from Asafo to Adum and finally to Kejetia, announcing Zeepay’s presence in their town and signing locals onto Zeepay Mobile Money. On Friday, they visited Suame, Banatama and Abrepo with a crowing programme at a local chop bar called ‘Efie Fufuo’ where locals were invited for free fufu with the Zeepay activations team.

The five-day event was climaxed by meeting the Asantehene at the Akwasidae celebration at Manhyia Palace during which Zeepay presented gifts to the Palace as custom demands. The Asantehene recalled his relationship to the late Dr Anthony Kwasi Appiah (Father to Andrew Takyi-Appiah), an old and dear friend of his and thanked the party for returning his lost son.

Finally, he offered his blessings and support to Zeepay Mobile Money. Zeepay’s MD said: “This

campaign we have run in the Ashanti Region. We have indeed been honored to meet with the King to celebrate Akwasidae with the people of Asanteman and to be given the opportunity to donate to the Otumfuo Education Fund.”

In attendance was Paa Kwasi Yankey, Chairman of the Board; James Quarshie, Zeepay Club Partner; Dede Quarshie, General Manager Commercial; Felicity Jaforktuk, Product Manager; Gloria Kumi, Service Delivery Manager; Morkor Quarshie, Brand Manager; Oscar Bempong, Author of Mindset Revolution; and Patrick Adjei Kontoh, Liaison Officer to Manhyia Palace.

Zeepay is the fastest growing mobile financial services company across Africa with operations in Ghana and the United Kingdom and terminating to 20 countries across Africa with termination agreements in over 90 jurisdictions globally.

Zeepay specializes in remittance termination into mobile wallets

Asantehene endorses Zeepay MD, Andrew Takyi-Appiah I

and is completely networked and partner agnostic.

The company is a wholly owned Ghanaian company and regulated in the UK by Financial Conduct Authority-FCA #592538 and in Ghana by Bank of Ghana- PSD/ ZGL/20/03 under the Payment Systems and Services Act, 2019 (Act 987). Zeepay supports Sustainable Development Goals (SDG) 3 and is considered a Financial Inclusion Company positioned to improve last mile access. Visit myzeepay.com for more information.

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Banking/ Finance

FRIDAY NOVEMBER 5, 2021

Ghana climbs up the Absa Africa Financial Markets Index (AFMI) despite Covid-19 stalling progress across much of Africa

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hana has moved into the top five ranking in the Absa Africa Financial Market Index report, placing fourth with an overall score of 62 out of the maximum 100 score – a recognition of the positive strides in the development of the Ghanaian market.

This is an improvement on last years’ sixth position with a score of 59.

Remarkably, Ghana scored 50 and above in 5 out of the 6 pillars measured. The policies and initiatives that contributed to Ghana’s improved performance include – adoption of and enforceability of standard master agreements, improved access to foreign exchange through forward FX auctions by the Bank of Ghana and market transparency works through daily publication of financial asset prices. Ghana’s weakest link however, is the Capacity of Local Investors where it recorded a score of 21.

The Absa Africa Financial Markets Index is produced annually by the Official Monetary and Financial Institutions Forum (OMFIF) – an independent think tank for central banking, economic policy and public investment through extensive quantitative research and data analysis in association with Absa Group Limited.

The index, now in its fifth year, throws light on Financial Markets across Africa and benefits from continued engagement with policymakers, regulators, market participants and industry experts; providing the latest information about developments in the region.

The Absa Africa Financial Market Index (AFMI) evaluates and ranks Financial Market development in 23 countries, highlighting the opportunities and challenges within the economies. The aim is to show present positions, as well as how economies can improve market frameworks to bolster investor access and drive sustainable growth.

The index assesses countries according to six pillars: Market Depth; Access to Foreign Exchange; Market Transparency, Tax and Regulatory Environment; Capacity of Local Investors; Macroeconomic Opportunity; and Enforceability of Financial Contracts.

South Africa, Mauritius and Nigeria maintained their lead on the index despite recording

lower overall scores compared to the previous year mainly due to the impact of Covid-19. Ghana and Uganda entered the top five for the first time, both earning points especially for the progress in the enforceability of standard master agreements. the budget. Ghana recorded 65 points under this pillar.

Commenting on the report, Absa Ghana’s Managing Director, Abena Osei-Poku said “Expanding and deepening Ghana’s financial markets is vital to our economic development, and it’s great to note that Ghana is moving in the right direction with recognizable progress.

Ghana’s strong performance across pillars with scores above 50 in 5 out of the 6 pillars, shows that stakeholders, led by the Ministry of Finance and the Bank of Ghana have sustained development initiatives through the Covid period”.

The Director and Head of Global Markets of Absa Ghana and Nigeria, Kobla Nyaletey noted that “to score full marks of 100 on the pillar of Enforceability of Financial Contracts signifies the quantum and speed of work by stakeholders in the last few years in adopting ISDA, GMRA to underpin financial market transactions and the formal recognition of netting in the new Corporate Restructuring and Insolvency Act 2020 (Act 1015).

Market participants now need to appropriately reflect this in pricing via a risk adjusted pricing framework. I look forward to similar speedy reforms in other areas, especially in enhancing the capacity of local investors to sustain Ghana’s upward climb on the index in the coming years”.

Ghana’s Performance Ghana’s

Market

Depth

recorded a 50 score. Ghana was also recognized for further refinement in its Primary Dealer system with the Bond Market Specialist group as well as the framework for issuance of green or sustainable bonds in future.

The availability of sustainability-focused products in the domestic markets is a new indicator forming part of Market Depth (Pillar 1) scores. In May, Ghana’s Securities and Exchange Commission (SEC) launched its Capital Market Master Plan to implement product diversification and widen its investor base over the next 10 years The Ghana Stock Exchange (GSE) has also partnered with the London Stock Exchange to support Ghana’s capital market development. This partnership will focus on executing several initiatives which will lead to upgrading Ghana’s classification from a Frontier to an Emerging Market and supporting crosslistings between both exchanges.

The GSE, working with other exchanges from ECOWAS is also developing a system to enable brokers to trade across the different markets of the subregion.

To accelerate the digitization of the financial market, the Bank of Ghana (BOG) launched a payments-focused sandbox in February 2021. The BOG also established the Fintech and Innovation Office to drive cash-lite, e-payments and digitalization. The BOG is further exploring the possibility of issuing a digital currency.

All these efforts were duly recognized and contributed to the improvement in Ghana’s score on Market Depth.

Ghana scored 59 out of 100 on the Pillar of Access to Foreign

Exchange, a 2.8-point decline from the prior year, partly due to weaker reserve positions relative to net portfolio flows. Despite a decline in its interbank FX market turnover, Ghana climbed five positions on the ranking in this pillar, driven by more frequent official exchange rate reporting and wider adoption of the FX Global Code – important works towards market transparency and adoption of global best standards. In 2020, the Ghana Cedi remained relatively stable against the US Dollar on account of reduced FX demand, structural changes such as the increased use of forward FX auctions.

On Pillar 3 of Market Transparency, Tax and Regulatory Environment, Ghana scored 75 points. Earlier this year, parliament passed a legislation to waive tax on capital gains for listed securities, making permanent the incentive established in 2020, thus making Ghana one of the generous tax regimes for investors.

On encouraging sustainable markets, the National Pensions Regulatory Authority (NPRA) released guidelines for incorporating Environmental, Social and Governance (ESG) factors in investment decisions, with up to 5% of a pension scheme’s assets under management invested in green bonds not counting towards its maximum allocation for securities.

Ghana is working with the Global Reporting Initiative to introduce sustainability reporting in its market by the end of the year.

Pillar 4 evaluates Local Investor Capacity based on the size of the pension fund market and its potential to drive market activity.

Across the 23 countries on the index, scores dropped by 6.3 points, with 17 countries falling down the rankings. Aggregate pension fund assets in the index declined by 1.9%.

With a low score of 21, the report concluded that in Ghana, many pension funds and asset managers tend to have a short-term view of investments, making them more risk-averse and unlikely to invest in unfamiliar sectors. Pension funds in Ghana are encouraged to invest in sustainable financial products. More funds will move in this direction if trustees and investment managers have the confidence to evaluate new kinds of investment opportunities.

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News

FRIDAY NOVEMBER 5, 2021

Stanbic wins 3 awards at EMEA Finance Magazine 2021 Awards

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tanbic Bank Ghana has, for the second consecutive year, been named the best Bond House and the best Investment Bank in Ghana by the EMEA Finance Magazine.

The bank was also recognized as the Best Foreign Investment Bank. This was revealed in a press statement on October 28, that announced winners for the 16th edition of the EMEA Finance Magazine Awards.

The statement noted that the awards recognize the exceptional works done by companies in the banking sector in the face of very challenging circumstances on the African continent. “Our coverage of the banking industry is increasingly focusing on the digital wave sweeping over the entire global economy and banks that are excelling despite the very challenging prevailing circumstances. Inevitably, our winners are deeply engaged in this digital transformation, and the banks that are embracing this change and adapting quickly are

likely the ones who will continue to prosper.”

Commenting on the awards, the Chief Executive of Stanbic Bank Ghana, Kwamina Asomaning, said the recognitions show the extent of the bank’s expertise.

He dedicated the awards to all staff of the bank. “We have been recognized in multiple categories

across the continent, confirming the unmatched breadth and depth of expertise that we offer to our clients.

This year we have had to navigate a very difficult operating environment. Our commitment to driving Africa's growth, and our drive to win, have enabled us to overcome the obstacles we have

faced and to achieve these great wins. Thank you all for helping us achieve this exceptional recognition and for continuing to find new ways to make our clients' dreams possible,” he said.

The Best Investment House, Best Bond House and Best Foreign Investment Bank awards bring to a total of nine (9) EMEA awards for Stanbic Bank over the past four years. Previous awards include Best Foreign Bank (2018), Best Local Investment Bank (2019), Best Foreign Investment Bank (2019) and Best Bond House 2019), Best Bond House (2020), and Best Investment Bank (2020).

EMEA Finance Magazine Awards, highlight locally owned banks, international banks with local presences, and those assisting African companies and countries to access local and global capital markets. The awards cover commercial and retail banks, investment banks, asset managers and brokerage houses.

Black Friday: Ghanaians set to enjoy amazing deals on Jumia

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umia, Africa’s leading e-commerce platform, has launched the 9th edition of its “Jumia Black Friday” dubbed ‘’It’s Black Friday every day’’ focusing on consumers' great shift to everyday essential products in recent times.

In its ninth edition, Jumia in partnership with thousands of sellers and brands will offer consumers a wide assortment of products at the best prices. Jumia Africa Index 2021 saw a consumer shift to groceries and everyday essentials since the COVID-19 pandemic, a trend that will also reflect in this year’s Black Friday.

Other categories expected to have mind-blowing deals include home and living, beauty, fashion, food delivery and phones.

Speaking during the press briefing held at the Swiss Spirit Alisa Hotel in Accra, Jumia Ghana’s management shared insights on the upcoming Black Friday sale as well as plans and strategies to ensure that customers enjoy the best deals and excellent services while sellers and brands grow their businesses. Jumia promises to offer amazing discounts as high as 80% on over 50,000 super deals. ’Jumia Black Friday is a way

to show our vendors, staff and consumers all the opportunities and power that e-commerce brings. With 2021 being a year of recovery where many individuals and businesses have worked so hard to get back up after the Covid-19 pandemic, Jumia has a responsibility to support Ghanaians with such great deals and discounts. We believe in making the everyday lives of people easier and better through the internet. By helping sellers reach more consumers and ensuring that the consumers also get access to top quality, affordable products/services, Jumia is leading the way in developing e-commerce in Africa” said Tolulope George - Yanwah, CEO of Jumia Ghana.

The campaign which commences on November 5th to 28th is the biggest sale of the year in partnership with brands like TCL, Lele, Unilever, Diageo, Samsung and a host of others.

This year’s Black Friday sale starts on Friday, 5th of November 2021 and runs throughout the month until Sunday, 28th November 2021. The sale has been tagged #It’sBlackFridayEveryday because there are top deals and

discounts every day and consumers can order their preferred items from a wide range of categories.

Today, one can order anything on Jumia like groceries, fashion items, large appliances, electronics, beauty products and many more. During the Black Friday sale, consumers can also order their favourite meals from their preferred restaurants and get them delivered safely and conveniently to their doorstep. With Jumia’s robust logistics services and expansion to all parts of the country, customers in rural areas will not be left out of the sale.

Jumia pick-up stations and vendor drop off points all over the country will ensure that customers can pick up their orders conveniently while sellers can drop off their products respectively. With daily flash sales, treasure hunts, exciting games and mind-blowing giveaways, this year promises to be the best in recent times. Customers get free shipping to selected areas and can pay on delivery or via various

online payment platforms. ‘’TCL is a fast-growing consumer electronics company and a leading player in the global TV industry. TCL aims to be a true leader in the online market.

Therefore, TCL is a proud partner of Jumia, the leading e-commerce company in Africa. This year, our customers will get the best and latest deals on TVs, home appliances and AC's during Black Friday on Jumia’’. said Kevin Wang, VP of TCL Electronics Middle East, and Africa.

This year’s Black Friday festival promises to be exciting for everyone. To enjoy exclusive deals and giveaways, customers should download the Jumia app on Appstore or Play Store and sign up. It’s time to save. There is something for everyone.

Something BIG is coming.

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Maritime

FRIDAY NOVEMBER 5, 2021

Shipping chamber urges strategic policies on Ghana’s maritime sector

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n executive council member of the Ghana Chamber of Shipping Stanley Raja Korshie Ahorlu has called for deliberate legislation and policy initiatives that would propel Ghana to the next step of development when it comes to the shipping and maritime industry.

Stanley Ahorlu said there are ongoing trends in the industry, and it is upon government to fashion out deliberate policies and legislation that would guarantee that Ghana benefits from where it has competitive advantage.

He said the shipping supply chain has Ghana giving away too much than she receives, adding that it's about time Ghana taps into and profit from certain key components within the chain.

Mr. Ahorlu articulated that, “the shipping supply chain has various segments. From

the warehouse of the seller to the warehouse to the receiver, everything that goes on between that, is the chain. We are asking which part of the chain we derive value from. We need to identify where we can most effectively play and then focus on that through policy and legislation, through incentive packages and through capacitation of our locals to take advantage of those segments.”

“The 2015 UNCTAD data indicate that the total shipping transport services in Ghana amounted to USD 2.318 Billion.

Ghana earned only USD 457 million out of that which is approximately 20% of the value of the market. So, this is what we have to bear in mind if we are going to introduce policies or strategize because there is money out there to be made,” he added.

The maritime lawyer and entrepreneur cited how Ghana

can leverage its competitive advantage in the bulk cargo business, and crude oil business for example.

Mr. Ahorlu suggested that “COCOBOD having a shipping division that enters into the export of cocoa is a way to start. Same for our bauxite and manganese.

The liquid bulk carriage of our crude is also an example. It is

not inconceivable that welloperating TOR could have been doing finished products with its own ships. It doesn’t necessarily have to acquire them. They could chatter and by chattering you create brokerage. Can GNPC also have a shipping division that can leverage offshore vessels. That is also an example. These alone can create other jobs in the chain.”

25th Intermodal Africa Confab Michael Luguje urged all held in Accra participants to indulge each other

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he 25th Intermodal Africa 2021 Conference and Exhibition has been held in Accra, bringing together world class speakers and key players from the continent’s transport and logistics industry.

The 2-day event was hosted by the Ghana Ports and Harbours Authority with support from the Meridian Ports Services Ltd (MPS).

Discussion centred around contributions transport and logistics can make to enhance global supply chains.

The participants also gave particular focus to ways to link trade opportunities in the Middle East, Europe, and Africa in contributing towards the economic development in the West African subregion.

Director General of the Ghana Ports and Harbours Authority,

towards providing practical ideas that can help the industry thrive.

He noted that “in Ghana the port sector is evolving, and I would also like to let you know that we made significant progress and our country is very resilient when it comes to the economy.

And we are happy about that.”

Delivering the keynote address, Minister of Transport, Kweku Ofori Asiamah, urged the various players to implement a holistic and strategic response for an enhanced transport connectivity that goes beyond traditional solutions.

The Minister also urged players to work out effective methods to create a resilient transport and logistics sector as well as solve incessant congestions suffered in many ports worldwide.

Kweku Ofori Asiamah said, “we need to improve cargo movement through a resilient logistics and supply chain sector while enriching customer experience and shaping next generation port industry through technology and automation. A lot of ports are facing severe congestions and backlog as a result of the imbalance posed by the uncertainty of COVID-19.

Therefore, it is our duty to come up with new ways of preparing the ports and maritime logistics chain to meet the exigencies of future challenges.”

Tema Fishing Harbour hosts Queen’s Baton Rela

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he Tema Fishing Harbour has been host to a historic ceremony as it witnessed its fair share of the ongoing Queen’s baton relay, that took place in selected places of cultural significance across the country.

The activity similar to the Olympic Torch Relay is organised before the beginning of the Commonwealth Games.

Next year’s games will be held in Birmingham between July and August.

The baton relay, which began in October 2021, is expected to travel across all 72 nations and territories of the Commonwealth carrying Queen Elizabeth II’s message.

It is a symbolic event that signifies unity and sportsmanship among the various participating commonwealth states.

Speaking to Eye on Port, the 2nd Vice President of the Ghana Olympic Committee, Frederick

Lartey Otu explained that the Fishing Harbour was selected due to the socio-cultural significance fishing has on the people of the Tema traditional area, as well as the economic significance of the Port of Tema to the nation.

The Chief fishermen who participated in the relay ceremony expressed joy over the experience.

“It brings us joy to know that we were recognised in such an international event taking place all over the world. We are glad to know we are participating in an event that would take Ghana’s name far,” Nii Ajietey Mator III, the Chief Fisherman, Ashaiman, Tema expressed.

The Queen’s baton toured Ghana for three days.

It was first carried from the Jubilee House to the British High Commission, with Ghana’s first runner being President AkufoAddo.

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Opinion/Analysis

FRIDAY NOVEMBER 5, 2021

The COP26 Africa Needs

By Akinwumi A. Adesina, NgozI Okonjo-Iweala, Vera Songwe, Ibrahim Assane MayakI

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s world leaders head to Glasgow for the United Nations Climate Change Conference, Africa needs decisive collective action rather than more encouraging words. In particular, rich countries should support a four-part financial and trade package that can ensure a transformative shift of resources to the region.

Almost two years into the COVID-19 pandemic, the unequal nature of the global response to the crisis is glaringly obvious.

Whereas very few African countries have managed to spend the equivalent of even 1% of their GDP to combat this virtually unprecedented health emergency, Western economies have mustered over $10 trillion, or 30% of their combined GDP, to tackle it.

Europe and the United States have fully vaccinated, respectively, 75% and 70% of their adult populations against COVID-19, but fewer than 6% of Africans have been vaccinated. And while some Western countries are already administering booster shots, Africa cannot get initial doses.

This systemic inequity is equally evident in efforts to address the climate crisis. Climate disasters, like viruses, know no boundaries.

But whereas governments in the Global North respond to such events by borrowing on capital markets at negligible cost in order to finance stimulus and investment packages, African countries must rely on either a trickle of liquidity through debt-suspension initiatives, aid pledges, or exorbitantly expensive capital-market funding. None of these options currently provide these economies with the upfront capital investment they need to improve their long-term prospects.

As world leaders head to Glasgow for the United Nations Climate Change Conference (COP26), Africa needs decisive collective action rather than more encouraging words.

We therefore propose a strategic financial and trade package that can transform climate inequality into inclusiveness by ensuring a transformative shift of resources from historic greenhouse-gas (GHG) emitters to Africa.

Our plan rests on four pillars.

First, developed economies must

keep the promise they made in the 2015 Paris climate agreement to deliver $100 billion per year to help cover developing countries’ adaptation and transition costs.

After all, the commitments that developing countries made in Paris were conditional on this pledge. Failure to fulfill this overdue commitment now, with half of the $100 billion earmarked for adaptation costs, will undermine the very principle of multilateral action. It is a provision in an international agreement, and it must be honored.

The fact that the developed world mobilized $10 trillion to counter the pandemic in 2020 alone demonstrates just how small an amount $100 billion per year really is. Yet, in that same period, official development assistance increased by only 3.5% in real terms.

The second pillar is to align financial markets with the Paris agreement’s goals.

Mainstreaming the impact of climate change in investment decisions is critical, and judicious deployment of private capital in green sectors will transform African countries and developing economies in general. To that end, the Glasgow Financial Alliance for Net Zero, chaired by former Bank of England Governor Mark Carney, has brought together firms with a combined $90 trillion in assets.

There must now be an urgent and determined effort to channel this private finance into growing climate-friendly sectors in Africa and other developing countries. With that in mind, the UN Economic Commission for Africa earlier this year proposed a liquidity and sustainability facility that aims to reduce borrowing costs linked to green investments by developing a repurchasing (“repo”) market for the continent.

The initiative, which ideally will be financed through seed funding of $3 billion in special drawing rights (the International Monetary Fund’s reserve asset), is intended to de-risk private investments in Africa and help the region increase its share – currently less than 1% – of the

global green bond market.

The Republic of South Africa recently issued a R3 billion ($196 million) green bond to refinance its energy sector. Such issuances are an example of the type of investment that is possible by unlocking bond markets for Africa. We need to make such investments the rule rather than the exception.

In addition, the African Development Bank (AfDB) Group has proposed establishing an African Financial Stability Mechanism. Such a scheme will help prevent future financial shocks in Africa – the only continent without a Regional Financing Arrangement – from having spillover effects.

The third pillar is to provide the significant resources Africa needs to enable its economies to adapt to global warming. Climate change is costing the continent $715 billion annually and threatens both food security and the use of hydropower. But Sub-Saharan Africa, which accounts for less than 4% of global GHG emissions, receives just 5% of total climate finance outside the OECD. Instead of simply waiting for such financing to materialize, Africa is tackling climate adaptation head-on with homegrown solutions. The AfDB currently devotes 63% of its climate finance to adaptation, the highest share of any multilateral financial institution, and has committed to double such funding to $25 billion by 2025.

The AfDB and the Global Center on Adaptation have also created the Africa Adaptation Acceleration Program (AAAP) to help scale up bankable adaptation investments in the region. The mobilization of $25 billion via the AAAP will be a first step toward investing in a green recovery for Africa.

Lastly, any solution to climate change must address trade, the lifeblood of the global economy. The key to ending our current economic malaise is to ensure continued openness and predictability, including by committing to global trade rules that are aligned with the Paris agreement’s goals.

Regional blocs such as

the newly formed African Continental Free Trade Area can provide an impetus for hardwiring our commitment to low-carbon development.

We must recognize Africa’s specific needs, acknowledge the continent’s vulnerability to climate change, and identify the regions and communities where its consequences have caused the most harm.

Next year’s UN climate summit, COP27, will take place in Africa, and we look forward to welcoming the world. But developed countries must fulfill their longstanding climate promises to the region well before then – starting in Glasgow.

VERA SONGWE Vera Songwe is United Nations Under-Secretary-General and Executive Secretary of the UN Economic Commission for Africa.

AKINWUMI A. ADESINA Akinwumi A. Adesina is President of the African Development Bank.

NGOZI OKONJO-IWEALA Ngozi Okonjo-Iweala, DirectorGeneral of the World Trade Organization, is a former managing director at the World Bank, finance minister of Nigeria, board chair of Gavi, the Vaccine Alliance, and African Union special envoy on COVID-19. She is a distinguished fellow at the Brookings Institution and a Global Public Leader at Harvard University's John F. Kennedy School of Government.

IBRAHIM ASSANE MAYAKI Ibrahim Assane Mayaki, former Prime Minister of Niger, is CEO of the African Union Development Agency’s New Partnership for Africa’s Development (AUDANEPAD).

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Feature

FRIDAY NOVEMBER 5, 2021

Frontline leadership as a super profit center

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rontline leaders are highperformance pivots when it comes to sales, client account management, and the successful achievement of business objectives. Yet without the needed insight and congruent training, frontline staff will not maximize the business potential.

In this episode, we shall explore some critical must-have skills for frontline leaders that would transform your frontlines into a super profit center.

In our bid to offer value and quality to customers, it is time to maximize sales opportunities and harness revenue potential at the various touchpoints of customer interaction.

Let’s explore six (6) critical skills that will help today’s frontline leaders in the following: 1.

Selling the Vision

High performers at frontlines everywhere in the world have the confidence at selling the agenda. Without the ability to communicate the vision, businesses will suffer gruesome setbacks. Impactful presentation and persuasion skills are critical at the frontlines. “Write the vision and make it plain so that those who see it might run with it” affirms the wisdom of the Holy Bible. The art of serving today’s customers must be done with creativity, clarity, consistency, and connection during the communication process. The communication process must address issues of fence-sitters and weak linkages in the team so all members of the team become aligned to the set agenda. The communication process must of necessity give priority to product and service quality, profitability, increased revenue, high-valued customers, and client recruitment and retention. This must be done in a manner that must guide all team members with insight and call to action at execution.

2.

Disciplined Leadership

Everything rises and falls on leadership. And without influence, leadership will be nothing. Today’s leaders must lead with great courage and let the space feel their presence and absence. As we have maintained during our training interactions and seminars, leaders lead and followers follow. There is must be no ambiguity as to who the boss is and as to whether there is a leader in the store or not. The attitude of the team at the various

touchpoints of serving customers should reflect the persona and presence of the frontline leader.

Every team member must play their role effectively towards the fulfilment of set goals and objectives. Frontline leaders must lead with courage and let fear take the backseat.

3.

Speed to Service

What’s the point in wasting the customers’ time when the customer is the number reason we are in business? What’s the point in delaying the service we offer to customers whose presence brings in the revenue that pays the bills? Why the undue delay with turnaround time at serving customers? We are in this business of service to give good service. And time is a valuable and perishable commodity for both the business and the customer. The business relationship doesn’t have to be lopsided serving only the interest of the firm. Irrespective of the size of the business (Small or Large), frontline leaders must ensure that there is effectiveness and efficiency through speed to serving customers and reducing the turnaround time during the service engagement. Effective supervision at frontlines should be ensured to keep the team focused at every point of the customer interaction ledge.

4.

Assertiveness

Assertiveness in leadership is key. Frontlines are critical areas in the business where this must be demonstrated to ensure workflow efficiency and process effectiveness. We must come to grips with the reality that not every member of our team is there for business success. This is with no malice aforethought.

To ignore this reality only sets the leader up to fail. There are always bad nuts among the pack and the earlier they are spotted, the better for the business agenda.

Assertiveness is about confronting the brutal facts about a situation without being confrontational. It is a priceless skill that every highperforming frontline leader must possess. There must be no room for the toleration of mediocrity when the agenda is to pursue business excellence and profits.

Assertiveness has nothing to do with picking on members of your team, instead, it is about focusing on the issues, constructively and bluntly speaking to the issues, and properly addressing the

issues in a way that must ensure that the plan is still on track.

Where necessary or in worse case scenarios, specific employees having certain negative attitudes can be reassigned to sanitize the system.

5.

Following-through Attitude

All Frontline leaders must have a follow-through attitude that must drive the agenda at hand.

Without this attitude, the actions and decisions of team members will lag behind creating stagnation and unnecessary delays. Why waste time postponing what must be done today? Promises and commitments towards service requests must all be followed through with a rapid response and progressive attitude that gets the issues resolved. Issues with product delivery, guarantees, enquiries, cashback policies, and unsavoury comments and behaviours must all be attended to with the needed urgency and focus that gets customers to know that we follow through with the brand promise. Your brand promise is as good as the frontline leaders’ follow-through attitude.

Repetitious compromises and excuse is a gross erosion of trust during the service interaction.

Today’s frontline leaders must of necessity project and promote reliability, trust, fidelity, and utmost good faith.

6.

Effective Communication

Frontline leaders must develop and nurture the skill of effective communication on vertical and horizontal tangents to different teams in the business. Vertically, they must learn to communicate to top-line managers regarding the progress and effectiveness of assignments and objectives.

They also must be able to cascade instructions received from top management to subordinates without distortions. More so, they must also be able to communicate effectively with colleagues, third parties, and others on a horizontal level through the sharing of relevant information that borders on the set objectives.

The art of listening and ensuring prompt feedback whilst reducing noise during the communication

process is key to accelerating progress for the whole business.

The effectiveness of frontline leaders is duly reflected in their ability to communicate effectively with all and sundry in the business.

As a focused IMC and Sales Performance training consulting firm, we ensure that you get exceptional professional service at a great value every step of the way. You can rely on “Exposure” for your Business plans, company profiles, Branding & Marketing management, and your Sales performance training needs. Let's start the conversation.

We have the opportunity of being nominated to contest the best CEO Award, Consulting (Marketing) Category at the Ghana Industry CEO Awards. We are counting on your supporting votes to bring this home. We are eternally grateful to have you do us the honours by voting massively for our nominee: Rev. John N.A Thompson (Lead Consultant & Principal Trainer – Exposure Consult Limited).

Contributors: Rev. John N.A Thompson has spent his career over the years building high-performance culture in organizations he has consulted for. He has worked in Branding, Sales, Marketing, Strategy, Business Planning, and strategic execution capacities at ‘Exposure’. As a certified Train the Trainer and Sales performance coach, he has added value to many teams and corporate professionals.

His consulting clients include Local and Multinational companies in FMCG, Retail, Renewal energy, Pharmaceutical, Insurance, Real estate & Construction, consumer products, financial services, and Hospitality industries, amongst others. Contact Rev directly on 0544485896.

Lauretta Thompson (Mrs.) She is an associate consultant and in charge of Sales and Administration at ‘Exposure’. With a versatile skill-set, well vexed in customer service and service quality; she has worked her career building valuable business relationships, perfecting the art of cold calling, closing deals, and ensuring that clients’ expectations are met through service quality and professionalism. She has effectively managed different teams to pitch and win accounts of both local and multinational corporations. Contact Lauretta directly on 0244979879.

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FRIDAY NOVEMBER 5, 2021

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Feature

FRIDAY NOVEMBER 5, 2021

Africa must lead on capital flight

By Carlos Lopes, Ricardo Soares De Oliveira

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he Pandora Papers, the largest investigative effort yet to shed light on the world of offshore finance, show just how serious the challenge of illicit financial flows is for Africa.

The papers reveal that many prominent Africans hold assets in major financial centers abroad with the help of professional enablers who provide them with secrecy, ensure asset protection, and secure tax exemptions.

The investigation also demonstrated that such offshore services are not limited to the best-known tax havens.

International standard-setters like the United States and the United Kingdom (directly and through its overseas territories) were shown to be major offshore financial players, illustrating the hypocrisy underlying discussions of reform for the past decade. And the Pandora Papers include further evidence that Asian financial centers also have become significant offshore players, underscoring the global nature of the problem.

Some African initiatives

demonstrated early leadership in assessing the issue and developing potential solutions. The African Tax Administration Forum, which was created in 2008 and includes 38 African states, has been a noteworthy actor on tax reform issues. The High-Level Panel on Illicit Financial Flows from Africa, a joint effort of the African Union and the United Nations Economic Commission for Africa, first convened in 2012 and produced a much-discussed report on the subject in 2015. At that time, it seemed offshore finance would be a regular part of African Union discussions. Unfortunately, it is disappearing from the agenda.

In the past few years, leadership in the fight against tax evasion and avoidance seems to have migrated to international organizations such as the United Nations Conference on Trade and Development and the OECD, which launched its program on tax transparency in Africa in 2014. On the continent itself, independent media are taking a larger role: the Pandora Papers involved 53 African journalists working in 18 countries, often under extremely difficult conditions. Civil-society organizations such as Tax Justice

Network Africa also are active in this domain. But African governments and Africa-based international organizations have refrained from major initiatives.

As a result, there is no multilateral African body leading the way on the problem, and the African organizations that were working on it actively five years ago have assumed what can only be described as a low profile. It is hard to avoid the sense that many of the continent’s rich and powerful have little incentive to compromise arrangements that have enabled them to move, hide, and protect their assets.

Moreover, their lawyers and financial advisers point out that many such practices are not only legal, but common among multinationals active in Africa, especially in the extractive industries. According to this logic, there is no reason Africans should not avail themselves of strategies that are widespread in the global financial system.

This lack of concern by African states over illicit finance is bolstered by the perception that in most countries, most of the time, tax evasion is not a matter that registers with public opinion.

At best, leaders assume that any effect the issue has on public trust can be managed. They are certainly wrong, especially regarding younger voters, but this view shapes their non-committal approach.

Carlos Lopes, a professor at the Nelson Mandela School of Public Governance at the University of Cape Town, is African Union High Representative for Partnerships with Europe and a former vicechair of the High-Level Panel on Illicit Financial Flows from Africa.

Ricardo Soares de Oliveira is Professor of the International Politics of Africa at the University of Oxford.

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FRIDAY NOVEMBER 5, 2021

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Feature

FRIDAY NOVEMBER 5, 2021

Establishing personal values through our habits

BY Sania Nishtar

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abits and values are more connected than we perceive. Our belief systems can be hugely underlined by the habits we may have developed as we were growing up. Habits are part of our identity and although undetermined, our habits do shape our destiny.

Changing our habits would mean changing a fundamental part of who we are.

Change can be good, particularly if it helps us to live longer, healthier and happier.

Most of us want to change our habits, but we find that our actions tell a different story.

To live longer, healthier and happier lives, we must focus on altering some of our lifestyle habits. Some of these lifestyle habits include our diet, time management, organisation, relationships, exercising, relaxation & leisure, and volunteering.

Having a good healthy diet involves eating more fruits and vegetables, drinking less alcohol and more water, giving up sugar, adding more protein while reducing the carbohydrate intake.

Adding regular exercising to a balanced diet, is the ultimate health goal. We seem not to fancy gym exercises as often as we should, because we think we are not as good or dedicated as the gym fanatics.

We want more sleep, but we do not reprimand ourselves for indulging in the bad habits such as eating too much dessert etc, and how it affects our health.

Save time by avoiding all distractions as much as we can.

Spending time wisely, gives us the opportunity to improve ourselves. Do not watching too much TV, get off your phone, spend time with nature, cultivate silence, meditate, accomplish more and stop procrastinating.

These are the secrets to managing time in order to achieve our targets.

In addition to managing time, we must be more organised in our routines and schedules.

Sort out the little things such as making the bed, preparing a todo list, booking appointments, filing documents, and so on. Being organised instils discipline in anyone regardless of the personality or the person’s values.

Sometimes, we feel ourselves

juggling all the work in our plans, and as a result, we turn to caffeine and sugar to keep wake.

We are so busy but in all of that, we also feel like we are spending time on things that do not matter.

It is not that we are in a crisis because we are not. However, what we need to do, is to separate habits from ourselves.

It is said that all work and no play makes Jack a dull boy. And rightly so, we all need a time of relaxation and leisure.

The body requires rest at some point in our busy schedules.

The lifestyle habits, sometimes, reflect the fact that we often feel very tired, jacked up, and exhausted. We must make the time to relax and enjoy life, revitalise and push forward once more.

In all of this, we must not lose sight of the people around us.

We must engage more deeply in our relationships with people, spend time with our family, grow our connection with God and the world we live in.

We must offer our service in aid of others. Beyond the experience that we will gain, we create the perfect situation for others to develop, by volunteering our knowledge and expertise.

Many people define themselves by their bad habits and failures, and guilt trip themselves for a period of time. But we should learn to realise that identifying the bad habits does not define us.

If we do not like the people we have become, it is not going to change overnight. It is about observing, reflecting and letting go. Once we are able to separate our habits from who we are and see them as a mechanism, a pattern that has been imprinted in us, only then, can we reprogramme our steps. It is all about self-awareness.

Let us align our values, let us think about what our values are, and live up to those. Because aligning our values will help us work around forming better habits. Let us hold ourselves accountable, if we want to improve our habits.

Think about the benefits of accountability and do not stop.

It is all about consistency. We are not our habits; we are people that have developed habits. But making a change and forming the right habits, identifying the right habits, can change us and ultimately, make us happy.

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Feature

FRIDAY NOVEMBER 5, 2021

Climate policy is social policy

BY Sania Nishtar

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he number of days each year when the temperature exceeds 50°C (122°F) has doubled since the 1980s, and occurs in more places than ever.

This extreme heat is having a dramatic effect on the health of humans, animals, and the environment. According to a recent World Bank report on climate migration, over the next 30 years, 216 million people could be displaced by rising temperatures, water scarcity, and declining crop productivity. They will be forced to abandon their communities and livelihoods in search of better prospects.

When the temperature in Jacobabad, Pakistan reached 52°C in June, those with the means to leave did so. The poor had no choice but to try to survive in the face of punishing heat and water shortages.

This story of haves and havenots rings true around the world.

It demonstrates how poor and marginalized communities often are the most affected by the manifestations of climate change.

While it is still possible to slow and potentially correct the climate emergency if immediate and dramatic action is taken, some changes to the environment already are unavoidable. To ensure that people can continue to live in cities like Jacobabad, radical action on global warming must be paired with progressive

poverty reduction policies to build stronger communities.

Pakistan has placed these twin objectives – social welfare and climate action – at the heart of its long-term legislative agenda.

Initiatives are being developed to bring communities together while restoring vital ecosystems.

The Ten Billion Tree Tsunami already is creating green jobs while laying the groundwork for a healthy, sustainable economy.

Pakistan’s efforts to mitigate and adapt to climate change go hand in hand with the goal of creating the largest social protection program in the country’s history. Called Ehsaas (“compassion” in Urdu), the program aims to tackle the acute needs of those most at risk while investing in long-term equality and prosperity. Providing a safety net that prevents the poorest from falling through the cracks is the key to building a brighter future for everyone.

Because Pakistan is on the frontline of climate change, any social welfare strategy must include mechanisms that are sufficiently flexible to respond to disasters. Ehsaas recently completed Pakistan’s largest-ever socioeconomic registry, gathering data on 38 million households.

Thanks to the information in the registry, Ehsaas will be better placed to predict which families and farmers are vulnerable to disasters like droughts and provide cash payments accordingly. We

know this system works – when lockdowns to prevent the spread of COVID-19 were implemented virtually overnight, emergency cash assistance was delivered through the Ehsaas Emergency Cash initiative, keeping 15 million families from falling deeper into poverty.

Many of Pakistan’s poorest live from hand to mouth, and they remain the first and hardest hit by spikes in food prices, which climate change is exacerbating.

Extreme weather events limit the ability of families living at or below the poverty line to acquire nutritious food. A lack of access to healthy food results in childhood stunting, which has a significant, long-term effect on overall development, including brain growth. We know that a child’s access to nutritious food and health care in the first 1,000 days of life plays a crucial role in determining overall lifetime health. To protect children and families from the negative effects of poor nutrition and intergenerational poverty, Pakistan is investing in a conditional cash transfer program, which is being expanded throughout the country despite the financial constraints caused by the pandemic.

Poor health also undermines households’ ability to break the cycle of poverty. When people must spend time and money on health care instead of food, education, or saving for

unexpected emergencies, they are less prepared to respond to the next crisis. Since the launch of the Sehat Insaf Card in 2016, Pakistan’s welfare program has provided health care free of charge to more than 7.9 million families (or more than 50 million individuals). Providing access to quality health care irrespective of financial means is a way to build stronger communities and create a pathway to prosperity.

The climate crisis and endemic poverty are complex issues requiring policy frameworks that address multiple factors.

There are obvious anti-poverty tools – including access to health services, quality education, and nutritional support – that can help. But taking significant steps to reduce the effects of climate change, like adopting carbon capture technology, developing affordable long-lasting batteries, and managing migration, calls for moral leadership, fiscal support, and global solidarity.

Pakistan aims to show that it is possible to lift people out of poverty while also tackling the climate emergency. As a global community, we face many challenges in reducing greenhouse-gas emissions and adapting to a warming planet, and the challenges of reducing poverty and creating an inclusive sustainable economy are no less daunting. But we know that it is no longer possible to achieve one without the other.

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Feature

FRIDAY NOVEMBER 5, 2021

The Future of Work Capsules: Addressing the disconnect between the world of education and the world of work

By Baptista S. H. Gebu (Mrs.)

B

aptista is a human resource professional with a broad generalist background. Building a team of efficient & effective workforce is her business. Affecting lives is her calling! She is a Hybrid Professional, HR Generalist, strategic planner, innovative, professional connector and a motivator. Visit our website: www.forealhrservices.com E-mail us hello@forealhrservices.com for your management consulting needs. Follow this conversation on our social media pages Facebook / LinkedIn/ Twitter / Instagram: FoReal HR Services.

Call or WhatsApp: +233(0)262213313.

Follow the hashtag # t h e F u t u r e o f Wo r k C a p s u l e s #FoWC As we imagine work for the future, it’s great we start taking steps to address the disconnect between the world of education and the world of work. How did we know this? According to the International Labour Organization (ILO, 2021) only half of employees globally hold jobs matching to their level of education. Aside the obvious thought of considering we placing square pegs in round holes, we need to consider the level of disconnect if any, that exist in the world of education and that of work. You will agree with me that, education should be about learning and development and not necessarily about scores.

Interestingly enough, it appears we place more emphasis on

grades, score, and class to the detriment of the core.

“Many people are working in jobs that do not match their level of education. At the same time, many employers claim to have difficulties in finding workers with the skills that they need to expand their business and innovate successfully the ILO postulates. This phenomenon points to a significant disconnect between the world of education and the world of work.”

As you are aware, the future of work suggests changes. The nature of work and the speed of the workplace should need same level of attention and focus.

Unfortunately, recent graduates by observation many a time are unable to adapt to the changing tends. Would it be justifiable to say, the lack of soft skills is a big determinant to the issue?

Soft skills are very relevant and necessary but I believe the field of study and the approach to learning cannot be ruled out.

The prerequisite is to think going forward if at all doable of instruments and systems that connect up interests and opportunities from employers with skills and abilities for students. I can still remember how I use to move from one lecture hall to another and switching my minds from one class to another and subjects which was kind of routine in nature then at the university.

I find this same practice happening even in recent times at our institutions of higher learning to include our

universities coupled with the use of old lecture handouts.

Our educational system should not be rewarding students who can reproduce the lecture note vividly. The lecture notes should be a guide to helping us undertake our independent research and come out of thoughts, opinion and claims. I believe introducing a project management approach to the learning curriculum will help address practical problem solving in the real world of work a determinant contributing to the disconnect between the world of education and the world of work.

When students start discussing real business case study scenario questions as a project it helps develops their problem solving skills.

According to the ILO, “drawing on labour force survey data on the level of education and occupations of all employed workers in over 130 countries from the period of 2012 to 2020, the ILO estimates that only about half of these workers hold jobs corresponding to their level of education. The remainders are either overeducated or undereducated for their jobs.

Workers in higher income countries are more likely to hold jobs that match their level of education. In high income countries, this is the case for around 60 per cent of the employed. The analogous shares for upper-middle- and lowermiddle income countries are 52 and 43 per cent, respectively where Ghana was profiled for low –middle income. In low income

countries, only one in four workers holds jobs corresponding to their level of education. These observations suggest that the rate of matching increases with countries’ level of development”.

Government as a stakeholder should be very much interested in the kind of skills that employers and industries are looking for.

For regulators, the adoption of this simple but very relevant approach will support address the disconnect issue.

This is how. Businesses are considering applicants that possess critical skills and talents that go beyond the classroom. A lot number of business owners keep complaining. Some are of the opinion that, the certificates the graduates are holding these days are not a true reflection of their worth. They come in with big degrees demanding big salaries but cannot fix the very basic issues and challenges of industry.

What learners are learning in our institutions of learning and what businesses need on the job often are two diverse sets of skills.

It is very important to note that, most businesses truly do not care about what our graduates claim to know and the certificates they possess. What most businesses and industries truly look out for is what you can do with what you know.

The internship and national service introduction is just a brilliant idea. We can go a step further as a continent to start

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23 CONTINUED FROM PAGE 22 aligning our curriculum and tailor it to industry’s needs and that stakeholder consultative dialogue must be considered.

For instance, why engage a lecture to teach a very salient topic like entrepreneurship when the lecturer in question has no idea what it takes to be an entrepreneur. Such courses am highlighting among others demand practical experience sharing.

The theory in books may not necessarily be adequate and the environmental factors may not be the same in all countries. Let me demonstrate that. Aside the challenge that comes naturally with managing businesses, you need to understand the cultural and environmental issues that frustrate Ghanaians and the business environment. A simple request for service which could be sent through an e-mail portal for instance in other countries will demand your physical presence, travel time and further resources to submit a hard copy document to a government office for follow up.

A project was recently introduced where a director of a faculty teaching entrepreneurship was to manage. From the onset, the total project transfer cost computation didn’t factor the exchange rate differentials and inflation. The project was approved 6 months before.

The exchange rate differences at the time of transfer affected

FRIDAY NOVEMBER 5, 2021

the project performance as the differences were too huge to permit a successful implementation.

The faculty lecture made some profound statements saying if he had known what he knows now his stands on some issues whiles lecturing will be different.

Another area of disconnect could be that, our institutions of higher learning may not be alerting students the value of what they are learning. The students in terms also see the system as a process to acquiring a certificate to get them to work. Helping these students understand and interpret this value they have received to employers will help.

Finland as a country is adopting critical problem solving approach to helping their kids for instance to study even at the junior level, reason the World Economic Forum site reasons their educational system is the best. These kids are each day given a task and a real world problem to solve. This situation is supporting them learn so many skills unknowingly. Team dynamics, problem solving, risk taking amongst other.

It’s about time we start training ourselves to live not out of a box but as though there are no boxes at all. Our institutions of learning are established around risk circumvention and compliance, yet businesses want personnel’s who are engaged and learn by experimentation and error. To change what is taught, there should be a change in what is

measured. We need to start getting worried not with failure.

The lessons we learn from the trail and error if picked up comes up handy. Failing should be part of the success equation at some point to enable us invent. Should our educational system and cultural orientation support risk avoidance, how do we produce industry men and women who can take risk? Notwithstanding the fact that, our graduates are having high GPAs, some even from big schools they are not job ready and missing the right mind set and not just with wrong skills.

To commence the discussion on the skills gap and the disconnect, it worth noting also that businesses have millions of jobs they can’t fill with qualified workers. The dynamics of this covid-19 pandemic can’t be overruled as many businesses until recently are struggling to still find they feet. Some jobs are lost which is a fact and many more jobs are created. The degree certificate will get you to the door, but your performance will support your stay.

The pandemic has contributed to high unemployment rates. It’s very essential that we support employees to get back into the workforce if with or without a degree. Investing highly into technical vocational education and training (TVET) is one way to supporting address the issues.

I believe also that our students possess a lot of varied skills.

Companies should communicate

their skills needs accurately to support job seekers. In tune, job seekers must communicate clearly their skills set. Thinking as though there are no boxes approach will enable businesses to hire on demand basis which should be a departure of the known standard 8-hours work schedule. We should be willing to support job seekers commit some hours to different jobs. It’s kind of difficult right now because that realization hasn’t dawn on us yet.

But it’s doable.

For the future, employers are employing character first before competence. Let me hear back from you or what your thoughts are about this statement on character first employment before competency.

These are some identified skills that employers want in new hires: determination, a can do attitude, teamwork, impact and results, curiosity, taking and accepting responsibility as well as taking ownership, and analytical consistency. The future of work may not offer you any retirement age and the concept of a job for life will not exist. Be agile.

TransNumerik pushes Ghanaian businesses towards digitalisation

By Rashida Abdulrahman Kitilly Edy

M

ody-Oury Barry, the Managing Director and partner of IT firm TransNumerik, has encouraged Ghanaian businesses to embrace digitalisation to enhance their operational efficiency, and boost productivity and business sustainability.

“This is the right time to go digital because it opens opportunities for businesses to get access to a market that they would not get access to under normal circumstances,” he told Business24 at a workshop organised by the company on the theme “Unlocking productivity and collaboration in a digital era”.

He added: “Digital is a generator of opportunities and an essential tool for business competitiveness and for sustained growth. It is a chance to be part of the fourth revolution.”

Mr. Mody-Oury Barry, MD & Partner, TransNumerik

TransNumerik offers a large variety of digital business tools for efficient and seamless productivity, including ERPs, Microsoft Office Suites, asset management software, as well as preventive and corrective maintenance services.

Mr. Barry indicated that TransNumerik seeks to build

a sound foundation for its expansion into other Englishspeaking African countries, having already established a presence in the Francophone nations of Côte d’Ivoire and Senegal.

“We decided to choose Ghana because people are really skilled here; I really like the mentality

because Ghana is one of the founders of democracy,” he noted.

The Minister for Communications and Digitalisation, Mrs. Ursula OwusuEkuful, in a speech read on her behalf, reiterated government’s commitment to transforming the economy through digitalisation, with prudent measures that will promote excellence in innovation.

She said businesses are now embracing digitalisation because they see the need to adopt new technologies to innovate and improve their bottom line.

“Digital transformation is the way to go; currently, the application of ICT in all sectors of the economy has expanded beyond the scope. We will need to offer right infrastructure, provide the conducive legal framework, and build capacity to improve the use of ICT to help the nation to leapfrog the development process,” she said.

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Conference on Land Policy in Africa opens with calls for pro-poor land policies, equal access, and ownership

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he 2021 Conference on Land Policy in Africa opened Monday with a resounding call for African countries to develop pro-poor land policies and inclusive land tenure rights, particularly for women and youth.

"We need commitment at the country and regional levels to ensure equity," Rwandan Environment Minister Jeanne D'Arc Mujawamariya told delegates at the hybrid event, held partially in Rwanda.

Mujawamariya said that "anything related to land needs strong political will, people buyin, and close collaboration."

The minister described how climate change has raised the risk of deforestation and land degradation and called for innovation in the implementation of land reforms and services.

"We also have the Covid-19 pandemic," she added, "which has slowed the continent's economic progress. The land is part of our collective history, and we must protect it for future generations."

The theme of this year's conference is "Land governance for safeguarding art, culture, and heritage towards the Africa we want." This is in keeping with the African Union's declaration of 2021 as the year of "Arts, Culture, and Heritage: Levers for Building the Africa We Want," in line with Agenda 2063.

Via a representative, Dr. Beth Dunford, African Development Bank Vice President for Agriculture, Human and Social Development, made a strong argument for equitable access, use, and ownership by all community members, particularly women and the youth.

Represented by Aissa Sarr Toure, Country Manager for Rwanda, Dunford said: "Land is a key input to food production and a major source of capital for the poor. In any program on land reform and women's land rights in Africa, the importance of land and its unequal distribution between male and female should be given greater consideration."

"We in the Bank are very resolute on this in our overall programming and project implementation.

We shall continue supporting our member states in national visioning and the imperative for inclusive and

sustainable development," she added.

Mama Keita, Director, subRegional Office for East Africa at the United Nations Economic Commission for Africa, said creatives could help make technical land reform information more accessible.

"Land governance information can be rendered in music, film, visual arts, short stories and animation, and presented in different African languages for better reach," said Keita.

She added: "Traditional institutions and alternative dispute resolution mechanisms are being utilized, alongside statutory law, to address disputes.

But more still needs to be done."

Ambassador Josefa Sacko, Commissioner for Agriculture, Rural Development, Blue Economic and Sustainable Development at the African Union Commission, reminded participants that competition

Trade Minister sworn-in GHEL board

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rade and Industry Minister Alan Kyeremanten has also sworn-in a seven-member governing body of the Ghana Heavy Equipment Ltd (GHEL).

The company has the sole mission of providing reliable machinery and equipment and excellent after-sales service to all sectors of the economy particularly the agricultural and industrial sectors.

However, due to several challenges, the company has not been able to achieve this mission. The minister therefore tasked the members of the board to embark on the arduous journey to revive this important enterprise to enable it play its key role in supporting the economic

transformation of the country.

He said achieving the task would require them to be innovative, comply with good corporate governance practices, explore ways of capitalizing the enterprise and most importantly ensure that they take advantage of opportunities presented by government flagship programmes such as the One District One Factory (1D1F), Planting for Foods and Jobs and the Strategic Anchor Industries.

The minister suggested that the board could, for example, focus on the supply of the requisite industrial machinery that is fit for purpose, eco-friendly, and energy efficient and suited for our climatic conditions to companies

such as those operating under the 1D1F programme.

He also advised them to take advantage of the Automotive Development Policy to nurture partnerships for component manufacturing as another way of diversifying their portfolio to

for land due to climate change is fueling conflict in Africa.

"In Southern Africa, the unresolved historical legacy of colonial land alienation underlies the risks of social and political conflict. In recent years, a surge in the purchase of African land by foreign companies and governments to grow food and other crops for export has also set alarm bells ringing on and off the continent."

Sharing his country’s experience on land challenges and the innovations required, Sakombi Molendo, Minister for Land Affairs, Democratic Republic of Congo, said: "We found out that 80% of cases before courts and tribunals were land-based. We initiated reforms to change this situation. In two years, we have been successful in drafting new land policies that would soon be tendered to the government for deliberation."

The African Land Policy Centre, a collaborative project of the African Union Commission, the United Nations Economic Commission, and the African Development Bank, hosts the Conference on Land Policy in Africa every two years.

The conference brings together African policymakers, academics, civil society leaders, and the private sector and international agencies to discuss the future of land policy in Africa.

revive the company.

The board is chaired by Mr. Ridwan Abass and the members include Mr. Yaw Ntow Ababio, Chief Executive of the company, as well as Dr. Dickson Adomako Kissi. The rest are Mr. Robert Bediako Asare, Mr. Alex Blankson, Chief Alidu Abubakari and Mr. Prince Opoku Edusei.